FNB vs Capitec vs Nedbank for savings pockets

Go to page

Well-Known Member

I'm a very happy Capitec client.
My favorite feature is the multiple savings pockets.
Makes budgeting and saving towards goals that much easier.
Unfortunately they only offer a maximum of four.

Nedbank offers 10, so that seems pretty damn good.
Unfortunately they apparently have a not-too-great app.
Now, that shouldn't be a major problem since I still do all my major banking using ABSA/Capitec.

What I want to know is:
Does FNB still have the multiple savings pockets feature?
I know they have one where your change gets rounded up and squirreled away, but I am specifically looking for something like Capitec's offering where I can have X number of savings accounts, each with a different name.

Any input from you folks? The last post I saw about this was in 2012 and I didn't feel like performing necromancy.

Also, that link doesn't give any useful info. I've been there. I've read quite a few pages. Looked at the FAQs. Read the PDFs.
Still haven't found the information I'm looking for. Which is why I am asking people here.

Also, that link doesn't give any useful info. I've been there. I've read quite a few pages. Looked at the FAQs. Read the PDFs.
Still haven't found the information I'm looking for. Which is why I am asking people here.

Executive Member

Don't some of these savings pockets have limits and if you go over that the interest reduces?

Also remember the bank charges, maybe once you have correlated all the info, interest offered, number of pockets, monthly bank charges, etc edit the op and post it there so anyone finding the thread later can see it.

Also, that link doesn't give any useful info. I've been there. I've read quite a few pages. Looked at the FAQs. Read the PDFs.
Still haven't found the information I'm looking for. Which is why I am asking people here.

Have been using 22Seven for years. I love them.
The reason I go for the multiple accounts route instead of the 22seven budgeting route: I am an impulsive spender, and saving doesn't come easy to me. I'm trying to change that.
Putting the funds in savings accounts and locking them down with a notice period is my desperate attempt to reform my bad money management ways.

Well-Known Member

Don't some of these savings pockets have limits and if you go over that the interest reduces?

Also remember the bank charges, maybe once you have correlated all the info, interest offered, number of pockets, monthly bank charges, etc edit the op and post it there so anyone finding the thread later can see it.

Have no clue about the limits. But for me, the interest rate is really a moot point since I am not aiming to invest (yet), just to park my money.

With Nedbank, the savings pockets are free.
Couple that with a R5 p/m pay-as-you-use transactional account (required to get the above), and it's a cheap option.
Yes, there are bank charges for things like external debit orders, ATM withdrawals, etc, but almost none of that applies to me, since I do all my 'real' banking with Capitec.

I'll post any information I deem worth sharing here for the benefit of others.

Honorary Master

Have been using 22Seven for years. I love them.
The reason I go for the multiple accounts route instead of the 22seven budgeting route: I am an impulsive spender, and saving doesn't come easy to me. I'm trying to change that.
Putting the funds in savings accounts and locking them down with a notice period is my desperate attempt to reform my bad money management ways.

True, but like I said, I'm not really too bothered about the interest. I have separate investment vehicles for that.
This is just forced budgeting. The few percentage point hit hurts less than impulsive spending and credit card interest.

Active Member

Really like this concept of specified saving. Not sure about Savings Pockets, but FNB Money on Call accounts are free and you may be able to have a few of those. What's more is that you can perform 3rd party payments with this account which allows some flexibility with your savings; ie certain income getting paid directly to Money on Call account.

I myself use these savings accounts to generate enough interest to cover account/admin fees etc. While at the same time storing money in a separate entity from credit and cheque. Significant amounts of cash in a cheque account (no interest) is a no no - money should work for you - if the savings account is free; with interest and with immediate transfers between cheque and savings then what else is there to consider? Not to mention the fact that 6.20% pa is not bad when considering equity performances for the last 3 years.